UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934

For the period ended March 31, 2004

                                       or

[  ]  Transition  Report  Pursuant  to Section 13 or 15(d) of the  Securities
      Exchange Act of 1934

For the transition period from                   to                  .
                               -----------------    -----------------

Commission File Number 0-8667

                         PUBLIC STORAGE PROPERTIES, LTD.
             (Exact name of registrant as specified in its charter)

                 California                                   95-3196921
--------------------------------------------            ----------------------
       (State or other jurisdiction of                     (I.R.S. Employer
       incorporation or organization)                   Identification Number)

  701 Western Avenue, Glendale, California                    91201-2349
--------------------------------------------            ----------------------
  (Address of principal executive offices)                    (Zip Code)

Registrant's telephone number, including area code: (818) 244-8080.
                                                    --------------

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.

                         [X] Yes             [ ] No


Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).

                         [ ] Yes             [X] No


The Registrant is a limited partnership and issues units representing ownership
of limited partner interests, with a par value of $500.00 per unit. Number of
units outstanding at May 13, 2004: 20,000

<PAGE>




                         PUBLIC STORAGE PROPERTIES, LTD.

                                      INDEX

                                                                        Pages
                                                                        -----

PART I.       FINANCIAL INFORMATION (Item 3 not applicable)
              ---------------------

Item 1.       Financial Statements

              Condensed Balance Sheets at March 31, 2004
              and December 31, 2003                                         1

              Condensed Statements of Income for the Three
              Months Ended March 31, 2004 and 2003                          2

              Condensed Statement of Partners' Equity for the
              Three Months Ended March 31, 2004                             3

              Condensed Statements of Cash Flows for the
              Three Months Ended March 31, 2004 and 2003                    4

              Notes to Condensed Financial Statements                     5-9

Item 2.       Management's Discussion and Analysis of
              Financial Condition and Results of Operations             10-11

Item 2A.      Risk Factors                                              11-13

Item 4.       Controls and Procedures                                      13

PART II.      OTHER INFORMATION (Items 2 - 5 not applicable)
              -----------------

Item 1.       Legal Proceedings                                            14

Item 6.       Exhibits and Reports on Form 8-K                             14



<PAGE>



                         PUBLIC STORAGE PROPERTIES, LTD.
                            CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                               March 31,            December 31,
                                                                                 2004                  2003
                                                                            ----------------     ----------------
                                                                              (Unaudited)

                                                     ASSETS

<S>                                                                         <C>                  <C>
Cash and cash equivalents                                                   $    1,303,000       $    1,070,000
Rent and other receivables                                                          43,000               47,000

Real estate facilities, at cost:
     Building, land improvements and equipment                                   9,426,000            9,422,000
     Land                                                                        2,476,000            2,476,000
                                                                            ----------------     ----------------
                                                                                11,902,000           11,898,000

     Less accumulated depreciation                                              (8,684,000)          (8,606,000)
                                                                            ----------------     ----------------
                                                                                 3,218,000            3,292,000

Other assets                                                                        25,000               13,000
                                                                            ----------------     ----------------
Total assets                                                                $    4,589,000       $    4,422,000
                                                                            ================     ================

                                        LIABILITIES AND PARTNERS' EQUITY


Accounts payable and accrued liabilities                                    $      152,000       $       74,000
Deferred revenue                                                                   169,000              176,000

Commitments and contingencies (Note 5)

Partners' equity:
     Limited partners' equity, $500 per unit, 20,000 units
       authorized, issued and outstanding                                        3,169,000            3,097,000
     General partners' equity                                                    1,099,000            1,075,000
                                                                            ----------------     ----------------
     Total partners' equity                                                      4,268,000            4,172,000
                                                                            ----------------     ----------------
Total liabilities and partners' equity                                      $    4,589,000       $    4,422,000
                                                                            ================     ================

</TABLE>

                            See accompanying notes.
                                       1

<PAGE>


                         PUBLIC STORAGE PROPERTIES, LTD.
                         CONDENSED STATEMENTS OF INCOME
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                 Three Months Ended
                                                                      March 31,
                                                         -----------------------------------
                                                              2004                2003
                                                         ----------------   ----------------

  REVENUES:

<S>                                                      <C>                <C>
  Rental income                                          $    1,572,000     $    1,503,000
  Other income                                                   14,000             11,000
                                                         ----------------   ----------------
                                                              1,586,000          1,514,000
                                                         ----------------   ----------------
  COSTS AND EXPENSES:

  Cost of operations                                            348,000            326,000
  Management fees paid to affiliate                              94,000             92,000
  Depreciation                                                   78,000            132,000
  Administrative                                                 27,000             26,000
                                                         ----------------   ----------------
                                                                547,000            576,000
                                                         ----------------   ----------------
  NET INCOME:                                            $    1,039,000     $      938,000
                                                         ================   ================

 Limited partners' share of net income ($39.75 per
    unit in 2004 and $34.80 per unit in 2003)                   795,000            696,000

  General partners' share of net income                         244,000            242,000
                                                         ----------------   ----------------
                                                         $    1,039,000     $      938,000
                                                         ================   ================
</TABLE>


                            See accompanying notes.
                                       2

<PAGE>


                         PUBLIC STORAGE PROPERTIES, LTD.
                     CONDENSED STATEMENT OF PARTNERS' EQUITY
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                                                       Total
                                                           Limited              General              Partners'
                                                          Partners'            Partners'              Equity
                                                       -----------------    -----------------     -----------------

<S>                                                    <C>                  <C>                   <C>
Balance at December 31, 2003                           $      3,097,000     $      1,075,000      $      4,172,000

Net income                                                      795,000              244,000             1,039,000

Distributions                                                  (700,000)            (243,000)             (943,000)

Equity transfer                                                 (23,000)              23,000                     -
                                                       -----------------    -----------------     -----------------
Balance at March 31, 2004                              $      3,169,000     $      1,099,000      $      4,268,000
                                                       =================    =================     =================

</TABLE>


                            See accompanying notes.
                                       3

<PAGE>


                         PUBLIC STORAGE PROPERTIES, LTD.
                       CONDENSED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                                      Three Months Ended
                                                                                          March 31,
                                                                              --------------------------------------
                                                                                   2004                 2003
                                                                              ----------------     -----------------
  Cash flows from operating activities:

<S>                                                                           <C>                  <C>
    Net income                                                                $     1,039,000      $       938,000

    Adjustments to reconcile net income to net cash provided by operating
       activities:

         Depreciation                                                                  78,000              132,000
         Decrease in rent and other receivables                                         4,000               17,000
         (Increase) decrease in other assets                                          (12,000)              22,000
         Increase (decrease) in accounts payable and accrued liabilities               78,000              (46,000)
         Decrease in deferred revenue                                                  (7,000)              (2,000)
                                                                              ----------------     -----------------
             Total adjustments                                                        141,000              123,000
                                                                              ----------------     -----------------
             Net cash provided by operating activities                              1,180,000            1,061,000
                                                                              ----------------     -----------------
  Cash flows from investing activities:

    Additions to real estate facilities                                                (4,000)             (21,000)
                                                                              ----------------     -----------------
             Net cash used in investing activities                                     (4,000)             (21,000)
                                                                              ----------------     -----------------
  Cash flows from financing activities:

    Distributions paid to partners                                                   (943,000)            (943,000)
                                                                              ----------------     -----------------
             Net cash used in financing activities                                   (943,000)            (943,000)
                                                                              ----------------     -----------------
  Net increase in cash and cash equivalents                                           233,000               97,000

  Cash and cash equivalents at the beginning of the period                          1,070,000              538,000
                                                                              ----------------     -----------------
  Cash and cash equivalents at the end of the period                          $     1,303,000      $       635,000
                                                                              ================     =================
</TABLE>


                            See accompanying notes.
                                       4

<PAGE>



                         PUBLIC STORAGE PROPERTIES, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)


1.       DESCRIPTION OF THE BUSINESS

                  Public Storage Properties, Ltd. (the "Partnership") is a
         publicly held limited partnership formed under the California Uniform
         Limited Partnership Act in November 1976. The Partnership raised
         $10,000,000 in gross proceeds by selling 20,000 units of limited
         partnership interest ("Units") in an interstate offering, which
         commenced in October 1977 and completed in January 1978. The general
         partners in the Partnership are Public Storage, Inc. ("PSI") and B.
         Wayne Hughes ("Hughes").

                  The Partnership was formed to engage in the business of
         developing and operating self-storage facilities for personal and
         business use. The Partnership owns nine self-storage facilities located
         in California.

2.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         Basis of Presentation:
         ----------------------

         The accompanying unaudited condensed financial statements have been
         prepared in accordance with accounting principles generally accepted in
         the United States of America for interim financial information and with
         instructions to Form 10-Q and Article 10 of Regulation S-X.
         Accordingly, they do not include all of the information and footnotes
         required by generally accepted accounting principles for complete
         financial statements. In the opinion of management, all adjustments
         (consisting of normal, recurring accruals) necessary for a fair
         presentation have been included. The results of operations for the
         three months ended March 31, 2004 are not necessarily indicative of the
         results expected for the full year. These unaudited condensed financial
         statements should be read in conjunction with the financial statements
         and related notes appearing in the Partnership's Form 10-K for the year
         ended December 31, 2003.

         Use of Estimates:
         -----------------

         The preparation of the condensed financial statements in conformity
         with accounting principles generally accepted in the United States
         requires management to make estimates and assumptions that affect the
         amounts reported in the condensed financial statements and accompanying
         notes. Actual results could differ from those estimates.

         Allocation of Net Income:
         -------------------------

         The  general   partners'  share  of  net  income  consists  of  amounts
         attributable  to  their  1%  capital  contribution  and  an  additional
         percentage  of cash flow (as  defined)  which  relates  to the  general
         partners' share of cash  distributions  as set forth in the Partnership
         Agreement (See "Ownership Interests by the General Partners" under
         Note 4). All remaining net income is allocated to the limited partners.

         Per unit data is based on the weighted average number of the limited
         partnership units (20,000) outstanding during the period.

         Cash and Cash Equivalents:
         --------------------------

         For financial statement purposes, the Partnership considers all highly
         liquid investments purchased with a maturity of three months or less to
         be cash equivalents.

         Income Taxes:
         -------------

         Public Storage Properties, Ltd. is treated as a partnership for Federal
         income tax purposes with the taxable income of the entity  allocated to
         each partner in accordance with the partnership agreement.

                                       5
<PAGE>

                         PUBLIC STORAGE PROPERTIES, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)


         Real Estate Facilities and Evaluation of Asset Impairment:
         ----------------------------------------------------------

         Real estate facilities are recorded at cost. Costs associated with the
         development, construction, renovation and improvement of properties are
         capitalized. Interest, property taxes, and other costs associated with
         the development incurred during the construction period are capitalized
         as building cost. Expenditures for repairs and maintenance are charged
         to expense as incurred. Depreciation is computed using the
         straight-line method over the estimated useful lives of the buildings
         and improvements, which are generally between 5 and 25 years.

         We evaluate our real estate for impairment on a quarterly basis. We
         first evaluate these assets for indicators of impairment such as a) a
         significant decrease in the market price of real estate, b) a
         significant adverse change in the extent or manner in which real estate
         is being used or in its physical condition, c) a significant adverse
         change in legal factors or the business climate that could affect the
         value of the real estate, d) an accumulation of costs significantly in
         excess of the amount originally projected for the acquisition of
         construction of the real estate, or e) a current-period operating or
         cash flow loss combined with a history of operating or cash flow losses
         or a projection or forecast that demonstrates continuing losses
         associated with the use of the real estate. When any such indicators of
         impairment are noted, we compare the carrying value of the real estate
         to the future estimated undiscounted cash flows attributable to the
         real estate. If the real estate's recoverable amount is less than the
         carrying value of the asset, then an impairment charge is booked for
         the excess of carrying value over the real estate's fair value. Our
         evaluations have identified no such impairments at March 31, 2004.

         Any real estate which we expect to sell or dispose of prior to their
         previously estimated useful life are stated at the lower of their
         estimated net realizable value (less cost to sell) or their carrying
         value.

         Revenue and Expense Recognition:
         --------------------------------

         Rental income, which is generally earned pursuant to month-to-month
         leases for storage space, is recognized as earned. Promotional
         discounts are recognized as a reduction to rental income over the
         promotional period, which is generally during the first month of
         occupancy. Late charges and administrative fees are recognized as
         rental income when collected.

         Property taxes are accrued based upon estimates and historical trends.
         If these estimates are incorrect, the timing of expense recognition
         could be affected.

         Cost of operations, general and administrative expense as well as
         television, yellow page and other advertising expenditures are expensed
         as incurred. Accordingly, the amounts incurred in an interim period may
         not be indicative of amounts to be incurred during a full year. Total
         advertising expenses totaled $58,000 and $66,000 for the three months
         ended March 31, 2004 and 2003, respectively.

         Environmental Costs:
         --------------------

         The Partnership's policy is to accrue environmental assessments and/or
         remediation costs when it is probable that such efforts will be
         required and the related costs can be reasonably estimated. Although
         there can be no assurance, we are not aware of any environmental
         contamination at any of our facilities, which, individually or in the
         aggregate, would be material to our overall business, financial
         condition or results of operations.


                                       6

<PAGE>


                         PUBLIC STORAGE PROPERTIES, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)


3.       CASH DISTRIBUTIONS

         The Partnership Agreement requires that any cash available for
         distribution (cash flow from all sources less cash necessary for any
         obligations or capital improvement needs) be distributed at least
         quarterly. The Partnership paid distributions to the limited and
         general partners totaling $700,000 ($35.00 per unit) and $243,000,
         respectively, for each of the three months periods ended March 31, 2004
         and 2003. Future distribution rates may be adjusted to levels which are
         supported by operating cash flow after capital improvements and any
         other necessary obligations.

4.       RELATED PARTY TRANSACTIONS

         Management Agreement and Shared Expenses with PSI:
         --------------------------------------------------

         The Partnership has a Management Agreement with PSI. Under the terms of
         the agreement, PSI operates the self-storage facilities for a fee equal
         to 6% of the  facilities'  gross  revenue (as  defined).  For the three
         months ended March 31, 2004 and 2003, the Partnership  paid PSI $94,000
         and $92,000, respectively, pursuant to this management agreement.

         The management agreement between the Partnership and PSI may be
         terminated without cause upon 60 days written notice by the Partnership
         or six months notice by PSI.

         The Partnership's facilities, along with facilities owned by PSI and
         its affiliates, are managed jointly by PSI in order to take advantage
         of scale and other efficiencies. Joint costs are allocated on a
         methodology meant to fairly allocate such costs. Such joint costs
         include supervisory, relief, and administrative personnel costs,
         television advertising expenses, yellow page advertising, data
         processing, and insurance. The total of such expenses, which are
         primarily included in cost of operations, amounted to $155,000 and
         $157,000 for the three months ended March 31, 2004 and 2003.

         Ownership Interest by the General Partners:
         -------------------------------------------

         PSI and Hughes are general partners of the Partnership. In
         1995, Hughes contributed his ownership and rights to distributions from
         the Partnership to BWH Marina Corporation II, a corporation
         wholly-owned by Hughes. As such, Hughes continues to act as a general
         partner of the Partnership but does not directly receive any
         compensation, distributions or other consideration from the
         Partnership.

         The general partners have a 1% interest in the Partnership. In
         addition, the general partners had an 8% interest in cash distributions
         attributable to operations (exclusive of distributions attributable to
         sale and financing proceeds) until the limited partners recovered all
         of their investment. Thereafter, the general partners have a 25%
         interest in all cash distributions (including sale and financing
         proceeds). During 1987, the limited partners recovered all of their
         initial investment. All subsequent distributions are being made 25.75%
         (including the 1% interest) to the general partners and 74.25% to the
         limited partners. Transfers of equity are made periodically to
         reconcile the partners' equity accounts to the provisions of the
         Partnership Agreement. These transfers have no effect on results of
         operations or distributions to partners.

         As of March 31, 2004, Hughes and members of his family own 31.4%
         of the Limited Partnership units. PSI and its affiliates own 31.4% of
         the Limited Partnership units.


                                       7

<PAGE>

                         PUBLIC STORAGE PROPERTIES, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

         Ownership in STOR-Re:
         ---------------------

         The Partnership has a 0.9% ownership interest in STOR-Re Mutual
         Insurance Corporation ("STOR-Re"), which was formed in 1994 as an
         association captive insurance company, and is controlled by PSI. The
         Partnership accounts for its investment in STOR-Re, which is included
         in other assets, using the cost method, and has not received any
         distributions during 2003 or for the three months ended March 31, 2004.

         STOR-Re provides limited property and liability insurance coverage to
         the Partnership, PSI, and affiliates. Liabilities for losses and loss
         adjustment expenses include an amount determined from loss reports and
         individual cases and an amount, based on recommendations from an
         outside actuary using a frequency and severity method, for losses
         incurred but not reported. Determining the liability for unpaid losses
         and loss adjustment expense is based upon estimates and while we
         believe that the amount is adequate, the ultimate loss may be in excess
         of or less than the amounts provided. The methods for making such
         estimates and for establishing the resulting liability are continually
         reviewed.

5.       COMMITMENTS AND CONTINGENCIES

         Legal Proceedings:
         ------------------

         Serrao v. Public  Storage,  Inc.  (filed April 2003)
         ----------------------------------------------------
         (Superior Court - Orange County)
         -------------------------------

         The plaintiff in this case filed a suit against PSI on behalf of a
         putative class of renters who rented self-storage units from PSI.
         Plaintiff alleges that PSI misrepresented the size of its storage
         units, has brought claims under California statutory and common law
         relating to consumer protection, fraud, unfair competition, and
         negligent misrepresentation, and is seeking monetary damages,
         restitution, and declaratory and injunctive relief.

         The claim in this case is substantially similar to those in Henriquez
         v. Public Storage, Inc., which was disclosed in prior reports. In
         January 2003, the plaintiff caused the Henriquez action to be
         dismissed. Based upon the uncertainty inherent in any putative class
         action, PSI cannot presently determine the potential damages, if any,
         or the ultimate outcome of this litigation. On November 3, 2003, the
         court granted PSI's motion to strike the plaintiff's nationwide class
         allegations and to limit any putative class to California residents
         only. PSI is vigorously contesting the claims upon which this lawsuit
         is based including class certification efforts.

         Salaam et al v. Public  Storage,  Inc.  (filed February 2000)
         -------------------------------------------------------------
         Superior Court - Los Angeles County)
         ------------------------------------

         The plaintiffs in this case are suing PSI on behalf of a putative class
         of California resident property managers who claim that they were not
         compensated for all the hours they worked. The named plaintiffs have
         indicated that their claims total less than $20,000 in aggregate. On
         December 1, 2003, the California Court of Appeals affirmed the Supreme
         Court's 2002 denial of plaintiff's motion for class certification. The
         maximum potential liability cannot be estimated, but can only be
         increased if claims are permitted to be brought on behalf of others
         under the California Unfair Business Practices Act. The affirmation of
         denial of class certification does not address the claim under the
         California Unfair Business Practices Act.

         PSI is continuing to vigorously contest the claims in this case and
         intends to resist any expansion beyond the named plaintiffs, including
         by opposing claims on behalf of others under the California Unfair
         Business Practices Act. PSI cannot presently determine the potential
         damages, if any, or the ultimate outcome of this litigation.




                                       8

<PAGE>


                         PUBLIC STORAGE PROPERTIES, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

         Other Items
         -----------

         PSI and The Partnership are parties to various claims, complaints, and
         other legal actions that have arisen in the normal course of business
         from time to time that are not described above. We believe that it is
         unlikely that the outcome of these other pending legal proceedings
         including employment and tenant claims, in the aggregate, will have a
         material adverse impact upon the operations or financial position of
         the Partnership.

         Insurance and Loss Exposure:
         ----------------------------

         Our facilities have historically carried comprehensive insurance,
         including fire, earthquake, liability and extended coverage through
         STOR-Re and also insure portions of these risks through nationally
         recognized insurance carriers.

         The Partnership, STOR-Re and its affiliates' maximum aggregate annual
         exposure for losses that are below the deductibles set forth in the
         third-party insurance contracts, assuming multiple significant events
         occur, is approximately $30 million. In addition, if losses exhaust the
         third-party insurers' limit of coverage of $125,000,000 for property
         coverage and $101,000,000 for general liability, our exposure could be
         greater. These limits are higher than estimates of maximum probable
         losses that could occur from individual catastrophic events (i.e.
         earthquake and wind damage) determined in recent engineering and
         actuarial studies.



                                       9


<PAGE>



ITEM 2.  MANAGEMENT'S  DISCUSSION  AND ANALYSIS OF FINANCIAL  CONDITION  AND
         RESULTS OF OPERATIONS

         The following should be read in conjunction with the Partnership's
condensed financial statements and notes thereto.

         FORWARD LOOKING STATEMENTS: When used within this document, the words
"expects," "believes," "anticipates," "may," "should," "estimates," and similar
expressions are intended to identify "forward-looking statements" within the
meaning of that term in Section 27A of the Securities Exchange Act of 1933, as
amended, and in Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward-looking statements involve known and unknown risks, uncertainties,
and other factors, which may cause the actual results and performance of the
Partnership to be materially different from those expressed or implied in the
forward looking statements. Such factors are described in "Risk Factors" (as
discussed below) and include changes in general economic conditions and in the
markets in which the Partnership operates and the impact of competition from new
and existing storage and commercial facilities and other storage alternatives,
which could impact rents and occupancy levels at the Partnership's facilities;
the impact of the regulatory environment as well as national, state, and local
laws and regulations, which could increase the Partnership's expense and reduce
the Partnership's cash available for distribution; and economic uncertainty due
to the impact of war or terrorism could adversely affect our business plan. We
disclaim any obligation to publicly release the results of any revisions to
these forward-looking statements reflecting new estimates, events or
circumstances after the date of this report.

CRITICAL ACCOUNTING POLICIES

         IMPAIRMENT OF LONG-LIVED ASSETS: Substantially all of our assets
consist of real estate. On a quarterly basis we evaluate our real estate for
impairment. The evaluation of real estate for impairment requires determining
whether indicators of impairment exist, which is a subjective process. When any
indicators of impairment are found, the evaluation then entails projections of
future operating cash flows, which also involves significant judgment. We have
identified no such impairments at March 31, 2004. However, future events, or
facts and circumstances that currently exist that we have not yet identified,
could cause us to conclude in the future that our real estate is impaired. Any
resulting impairment loss could have a material adverse impact on our financial
condition and results of operations.

         ESTIMATED USEFUL LIVES OF LONG-LIVED ASSETS: Substantially all of our
assets consist of depreciable, long-lived assets. We record depreciation expense
with respect to these assets based upon their estimated useful lives. Any change
in the estimated useful lives of those assets, caused by functional or economic
obsolescence or other factors, could have a material adverse impact on our
financial condition or results of operations.

         ACCRUALS FOR CONTINGENCIES: We are exposed to business and legal
liability risks with respect to events that have occurred, but in accordance
with generally accepted accounting principles we have not accrued for such
potential liabilities because the loss is either not probable or not estimable
or because we are not aware of the event. Future events and the result of
pending litigation could result in such potential losses becoming probable and
estimable, which could have a material adverse impact on our financial condition
or results of operations. Some of these potential losses of which we are aware
are described in Note 5 to the Partnership's financial statements.

         ACCRUALS FOR OPERATING EXPENSES: We accrue for property tax expense and
other operating expenses based upon estimates and historical trends and current
and anticipated local and state government rules and regulations. If these
estimates and assumptions are incorrect, our expenses could be misstated. Cost
of operations, general and administrative expense, as well as television, yellow
page, and other advertising expenditures are expensed as incurred. Accordingly,
the amounts incurred in an interim period may not be indicative of the amounts
to be incurred in a full year.


                                       10

<PAGE>

RESULTS OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2004 COMPARED TO THREE MONTHS ENDED MARCH 31, 2003:

         Our net income for the three months ended March 31, 2004 was $1,039,000
compared to $938,000 for the three months ended March 31, 2003, representing an
increase of $101,000 or 11%.

         Rental income for the three months ended March 31, 2004 was $1,572,000
compared to $1,503,000 for the three months ended March 31, 2003, representing
an increase of $69,000 or 5%. The increase in rental income was a result of
higher weighted average occupancy levels, partially offset by a reduction in
realized rent per square foot. Weighted average occupancy levels at the
self-storage facilities were 90% and 88% for the three months ended March 31,
2004 and 2003, respectively. Annual realized rent for the three months ended
March 31, 2004 increased to $13.65 per occupied square foot compared to $13.34
per occupied square foot for the three months ended March 31, 2003.

         Cost of operations (including management fees paid to an affiliate -
see Note 4 to the financial statements) for the three months ended March 31,
2004 was $442,000 compared to $418,000 for the three months ended March 31,
2003, representing an increase of $24,000 or 6%. The increase primarily consists
of increases in costs of repairs and maintenance, property insurance, property
tax, and utilities, partially offset by a reduction in advertising expenses.

         Depreciation expense was $78,000 for the three months ended March 31,
2004 compared to $132,000 for the same period in 2003. The decrease in
depreciation expense is primarily related to the initial development costs of
buildings for many self-storage facilities becoming fully depreciated.

LIQUIDITY AND CAPITAL RESOURCES

         Cash generated from operations ($1,180,000 for the three months ended
March 31, 2004) has been sufficient to meet all current obligations of the
Partnership.

         We paid distributions to the limited and general partners totaling
$700,000 ($35.00 per unit) and $243,000, respectively, for the three months
ended March 31, 2004. Future distribution rates may be adjusted to levels which
are supported by operating cash flow after capital improvements and any other
necessary obligations.

         The Partnership may borrow in the future with the intent of using the
proceeds to finance distributions to the limited and general partners.

ITEM 2A.  RISK FACTORS

         In addition to the other information in our Form 10-Q and Annual Report
on Form 10-K for the year ended December 31, 2003, you should consider the
following factors in evaluating the Partnership:

         PUBLIC   STORAGE  HAS  A   SIGNIFICANT   DEGREE  OF  CONTROL  OVER  THE
PARTNERSHIP.

         Public Storage is general partner and owns approximately 31.4% of our
outstanding limited partnership units. As a result, Public Storage has a
significant degree of control over matters submitted to a vote of our
unitholders, including amending our organizational documents, dissolving the
Partnership and approving other extraordinary transactions.

         SINCE OUR BUSINESS CONSISTS PRIMARILY OF ACQUIRING AND OPERATING REAL
ESTATE, WE ARE SUBJECT TO REAL ESTATE OPERATING RISKS.

         The value of our investments may be reduced by general risks of real
estate ownership. Since we derive substantially all of our income from real
estate operations, we are subject to the general risks of owning real
estate-related assets, including:

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o        lack of demand for rental spaces or units in a locale;

o        changes in general economic or local conditions;

o        changes in supply of or demand for similar or competing  facilities  in
         an area;

o        potential terrorists attacks;

o        the impact of environmental protection laws;

o        changes in interest rates and availability of permanent  mortgage funds
         which may  render the sale or  financing  of a  property  difficult  or
         unattractive; and

o        changes in tax, real estate and zoning laws.

         There is significant competition among self-storage facilities and from
other storage alternatives. All of our properties are self-storage facilities.
Local market conditions will play a significant part in how competition will
affect us. Competition in the market areas in which many of our properties are
located from other self-storage facilities and other storage alternatives is
significant and has affected the occupancy levels, rental rates and operating
expenses of some of our properties. Any increase in availability of funds for
investment in real estate may accelerate competition. Further development of
self-storage facilities may intensify competition among operators of
self-storage facilities in the market areas in which we operate.

         We may incur significant environmental costs and liabilities. As an
owner of real properties, under various federal, state and local environmental
laws, we are required to clean up spills or other releases of hazardous or toxic
substances on or from our properties. Certain environmental laws impose
liability whether or not the owner knew of, or was responsible for, the presence
of the hazardous or toxic substances. In some cases, liability may not be
limited to the value of the property. The presence of these substances, or the
failure to properly remediate any resulting contamination, also may adversely
affect the owner's or operator's ability to sell, lease or operate its property
or to borrow using its property as collateral.

         We have conducted preliminary environmental assessments on the
properties the Partnership has an interest in to evaluate the environmental
condition of, and potential environmental liabilities associated with, our
properties. These assessments generally consist of an investigation of
environmental conditions at the property (not including soil or groundwater
sampling or analysis), as well as a review of available information regarding
the site and publicly available data regarding conditions at other sites in the
vicinity. In connection with these property assessments, we have become aware
that prior operations or activities at some facilities or from nearby locations
have or may have resulted in contamination to the soil or groundwater at these
facilities. In this regard, some of our facilities are or may be the subject of
federal or state environment investigations or remedial actions. Although we
cannot provide any assurance, based on the preliminary environmental
assessments, we believe we have funds available to cover any liability from
environmental contamination or potential contamination and we are not aware of
any environmental contamination of our facilities material to our overall
business, financial condition or results of operation.

         There has been an increasing number of claims and litigation against
owners and managers of rental properties relating to moisture infiltration,
which can result in mold or other property damage. When we receive a complaint
concerning moisture infiltration, condensation or mold problems and/or become
aware that an air quality concern exists, we implement corrective measures in
accordance with guidelines and protocols we have developed with the assistance
of outside experts. We seek to work with our tenants to resolve moisture
infiltration and mold-related issues, subject to our contractual limitations on
liability for such claims. However, we can make no assurance that material legal
claims relating to moisture infiltration and the presence of, or exposure to,
mold will not arise in the future.

         Property taxes can increase and cause a decline in yields on
investments. Each of our properties is subject to real property taxes. These
real property taxes may increase in the future as property tax rates change and
as our properties are assessed or reassessed by tax authorities. Such increases
could adversely impact the Partnership's profitability.

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<PAGE>

         We must comply with the Americans with Disabilities Act and fire and
safety regulations, which can require significant expenditures. All our
properties must comply with the Americans with Disabilities Act and with related
regulations (the "ADA"). The ADA has separate compliance requirements for
"public accommodations" and "commercial facilities," but generally requires that
buildings be made accessible to persons with disabilities. Various state laws
impose similar requirements. A failure to comply with the ADA or similar state
laws could result in government imposed fines on us and the award of damages to
individuals affected by the failure. In addition, we must operate our properties
in compliance with numerous local fire and safety regulations, building codes,
and other land use regulations. Compliance with these requirements can require
us to spend substantial amounts of money, which would reduce cash otherwise
available for distribution to partners. Failure to comply with these
requirements could also affect the marketability of our real estate facilities.

         TERRORIST ATTACKS AND THE POSSIBILITY OF WIDER ARMED CONFLICT MAY HAVE
AN ADVERSE IMPACT ON OUR BUSINESS AND OPERATING RESULTS AND COULD DECREASE THE
VALUE OF OUR ASSETS.

         Terrorist attacks and other acts of violence or war, such as those that
took place on September 11, 2001, could have a material adverse impact on our
business and operating results. There can be no assurance that there will not be
further terrorist attacks against the United States or its businesses or
interests. Attacks or armed conflicts that directly impact one or more of our
properties could significantly affect our ability to operate those properties
and thereby impair our operating results. Further, we may not have insurance
coverage for losses caused by a terrorist attack. Such insurance may not be
available, or if it is available and we decide to obtain such terrorist
coverage, the cost for the insurance may be significant in relationship to the
risk overall. In addition, the adverse effects that such violent acts and
threats of future attacks could have on the U.S. economy could similarly have a
material adverse effect on our business and results of operations. Finally,
further terrorist acts could cause the United States to enter into a wider armed
conflict, which could further impact our business and operating results.

ITEM 4.  CONTROLS AND PROCEDURES

         Public Storage, Inc. maintains disclosure controls and procedures that
are designed to ensure that information required to be disclosed in reports the
Partnership files and submits under the Exchange Act, is recorded, processed,
summarized and reported within the time periods specified in accordance with SEC
guidelines and that such information is communicated to the Partnership's
management, including its Chief Executive Officer and Chief Financial Officer,
to allow timely decisions regarding required disclosure based on the definition
of "disclosure controls and procedures" in Rule 13a-15(e) of the Exchange Act.
In designing and evaluating the disclosure controls and procedures, management
recognized that any controls and procedures, no matter how well designed and
operated, can provide only reasonable assurance of achieving the desired control
objectives and management necessarily was required to apply its judgment in
evaluating the cost-benefit relationship of possible controls and procedures in
reaching that level of reasonable assurance.

         At the end of the period covered by this report, Public Storage,
Inc. carried out an evaluation, under the supervision and with the participation
of the Partnership's management, including Public Storage, Inc.'s Chief
Executive Officer and Chief Financial Officer, of the effectiveness of the
design and operation of the Partnership's disclosure controls and procedures.
Based upon that evaluation, the Chief Executive Officer and Chief Financial
Officer concluded that the Partnership's disclosure controls and procedures were
effective.

         There have not been any changes in our internal control over financial
reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the
Exchange Act) during the fiscal quarter to which this report relates that has
materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.

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PART II.  OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

         The Partnership is a party to the actions described under "Item 3.
         Legal Proceedings" in the Partnership's 2003 annual report Form 10-K.
         There have been no material developments in the actions described in
         the Partnership's 2003 annual report on
         Form 10K.


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a) The following Exhibits are included herein:

   31.1  Certification  pursuant to 18 U.S.C.  Section 1350, as adopted pursuant
         to section 302 of the Sarbanes-Oxley Act of 2002

   31.2  Certification  pursuant to 18 U.S.C.  Section 1350, as adopted pursuant
         to section 302 of the Sarbanes-Oxley Act of 2002

   32    Certification  of CEO and CFO pursuant to 18 U.S.C.  Section  1350,  as
         adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002

(b) Form 8-K

         None

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                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                             DATED: May 14, 2004

                                             PUBLIC STORAGE PROPERTIES, LTD.

                                             BY:  Public Storage, Inc.,
                                                  General Partner



                                             BY:   /s/ John Reyes
                                                  -----------------------------
                                                  John Reyes
                                                  Senior Vice President and
                                                  Chief Financial Officer


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